ABN Newswire

Sheffield Resources (ASX:SFX) Identifies New Anomalies Near the Nickel-Copper Discovery in the Frazer Range

newsroom@abnnewswire.net — Wed, 28 Nov 2012 09:55:24 GMT

Sheffield Resources (ASX:SFX) today announced the identification of four high order anomalies from the first pass VTEM airborne electromagnetic (EM) survey undertaken at its Red Bull Project. Red Bull is located within 20km of Sirius Resources NL's (ASX:SIR) recent Nova nickel-copper discovery in the newly identified Fraser Range Nickel Province in Western Australia.

Managing Director, Bruce McQuitty commented:
"Follow-up reconnaissance of these targets will begin immediately." and added, "Interpretation of the survey data is ongoing and is likely to generate further targets."

FINANCE VIDEO: South Boulder Mines (ASX:STB) CEO and MD Lorry Hughes Speaks with ABN Newswire's CEO Tim Mckinnon at Hard Assets New York 2012.

newsroom@abnnewswire.net — Thu, 24 May 2012 05:28:47 GMT

FINANCE VIDEO: South Boulder Mines (ASX:STB) CEO and MD Lorry Hughes Speaks with ABN Newswire's CEO Tim Mckinnon at Hard Assets New York 2012.

Mr Lorry Hughes BSc. MAusIMM, is a Geologist with 20 years industry experience and has been South Boulder Mines' CEO and Managing Director since 2008. Mr Hughes has held senior management positions on exploration and operational mining projects for Energy Metals Ltd, CSA Australia Ltd and Energy Resources Australia Ltd.

Mr Hughes has broad mining and development experience from numerous mines in the north east goldfields of Western Australia and overseas, including; mining in Malaysia and exploration/development in Indonesia and Eritrea.

Mr Hughes's past management, mining, exploration & development operations include, peer review, geological resource interpretation/estimation, project generation, mine planning/optimisation, near mine resource development and environmental management. In addition Mr Hughes has been involved in highly innovative projects including ore beneficiation and ore sorting techniques.

View the video here:
http://www.abnnewswire.net/press/en/72721/Lorry-Hughes

South Boulder Mines Limited
T: +61-8-6315-1444
F: +61-8-9486-7093
WWW: www.southbouldermines.com.au

Global Metals Exploration NL (ASX:GXN) Gold Mineralisation Discovered at Jutson Rocks in Maiden RAB Drill Program in Western Australia

newsroom@abnnewswire.net — Tue, 17 Apr 2012 11:55:00 GMT

Global Metals Exploration NL (ASX:GXN) is pleased to announce that the results of a recent Rotary Air Blast ("RAB") drilling program have confirmed the presence of gold mineralisation at its Jutson Rocks project, located approximately 125 km north-east of Laverton in WA. Intersections of up to 3.5 g/t Au over 4 metres have been discovered.

The recently completed RAB drilling program consisted of 86 drill holes for a total of 2,181 metres, with samples analysed representing 4 metre composites. All holes were drilled at - 60 deg with an azimuth of 90 deg. and were all drilled to "blade refusal" which means that only the oxidised zone was drill tested, rather than the primary fresh material.

Very encouraging gold mineralisation was encountered over 2 lines which were approximately 1.1 km apart.

The RAB program was designed to follow up an auger sampling programme, which in turn was designed to follow up encouraging results from a previous Bulk Leach Extractable Gold ("BLEG") sampling programme.

The BLEG program, which was conducted on a 500 metre x 500 metre pattern, highlighted several areas of gold anomalism. These areas of gold anomalism were then sampled by auger drilling on a 50 x 125 metre pattern and the results of the auger work confirmed several areas of gold anomalism (Figure 1). Two of these areas were then targeted by RAB drilling and the holes which encountered significant results are shown in Figure 2. The table below shows significant results (> 0.1 ppm Au). The anomalous 4m composits will be reassayed at 1m intervals to more accurately determine the grade distribution.

Holes 50 and 51 were drilled into fine grained mafics (probable basalts) while holes 72 to 76 and hole 78 were drilled into moderate to strongly sheared intermediate volcaniclastics. It is of significance that many of the significant intersections are at or near the end of the hole at the weathered bedrock interface which means that the gold mineralisation appears to represent a supergene halo. None of the significant intersections contain quartz and the lack of quartz and the strong shearing suggests a shear hosted environment rather than small, high grade quartz veins.

The Company views these results as very encouraging, with great scope for infill drilling in the near future and recent additional BLEG sampling producing very significant results (see ASX Announcement of 12th April, 2012).

The Company is also pleased to announce that it is currently undertaking augur drilling over these second phase BLEG anomalies.

Base metal results also encouraging

The RAB drilling also encountered anomalous nickel, zinc and copper results. The copper and zinc were encountered in black shales while the anomalous nickel results were encountered in ultramafics. It is unclear at this point whether the results are significant bedrock mineralisation indicators or whether they represent some form of minor supergene enrichment. The table below lists the significant copper, zinc and nickel results.

Managing Director, Ms Lia Darby said today, "This sub-surface gold discovery is extremely good news for the Company. We are pleased to deliver this success after years of preparation and hard work. We look forward to and are confident of further discoveries, hence we are ramping up our gold exploration activities at Jutson Rocks over the coming months."

To view the complete Global Metals Exploration announcement including Tables, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-GXN-585824.pdf

Global Metals Exploration NL
T: +61-2-9225-4000
F: +61-2-9235-3889
WWW: www.globalnickel.com.au

Global Metals Exploration NL (ASX:GXN) New Gold Anomalies Discovered From 2nd Phase BLEG Program on Jutson Rocks project, W.A

newsroom@abnnewswire.net — Thu, 12 Apr 2012 11:20:00 GMT

Global Metals Exploration NL (ASX:GXN) is pleased to announce the results of its second phase of Bulk Leach Extractable Gold ("BLEG") soil geochemical programme on the Company's Jutson Rocks project in the Eastern Goldfields region of Western Australia.

The Company is very encouraged by the results of the second phase of BLEG sampling and by the size and tenor of the gold anomalies identified.

This second phase of sampling follows the Company's highly successful first phase of BLEG sampling. The first phase of sampling covered an area of approximately 17km2 and generated a number of strong gold anomalies which were subsequently sampled by auger drilling.

As previously reported, the auger drilling outlined a number of strong, cohesive gold anomalies which have recently also been tested by Rotary Air Blast ("RAB") drilling. The results of this drilling are being tabulated at the time of this release and the Company looks forward to updating the market on the RAB drilling results in the near future.

The Company's BLEG sampling programme is targeted at a zone of structural complexity which traverses the length of the Jutson Rocks Greenstone Belt ("JRGB"). Global Metals' compilation and analysis of historical data indicated that a zone approximately 35km long and 5-8km wide, coincident with this more structurally complex zone, showed many untested gold anomalies generated from historic soils, auger, rock and vacuum drilling programmes. A number of old gold workings including the high-grade Chapman's Reward Gold Mine are also located within this zone.

The second phase of BLEG sampling involved the collection of 152 samples on a 500 x 500m grid over an area of 25km2. Generally the second phase has returned higher results than the first phase with maximum values of 21ppb Au and 37ppb Au, as compared to a maximum value of 19ppb in the first phase.

The results are seen as particularly encouraging as the anomalies defined from the data are in areas of transported cover, distinct and distant from areas of outcrop where higher gold numbers may reasonably be expected.

Four strong, large and continuous anomalies have been identified from the survey as shown in figure 3.

These include two 5 point and two 2 point anomalies and a single point anomaly. These anomalies occupy areas of approximately 2kmx500m, 1.5kmx1km, 1.5km x 500m and 1kmx500m respectively. The next stage is to more accurately define the gold anomalies for testing by RAB drilling using auger drilling, similar to the programme adopted for the first phase of BLEG sampling.

The Company is increasingly confident in its aggressive gold exploration programme in the under-explored JRGB.

To view the full Global Metals Exploration including Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-GXN-585363.pdf

Global Metals Exploration NL
T: +61-2-9225-4000
F: +61-2-9235-3889
WWW: www.globalnickel.com.au

Global Metals Exploration NL (ASX:GXN) RM Research Report

newsroom@abnnewswire.net — Mon, 2 Apr 2012 14:10:00 GMT

Global Metals Exploration NL (ASX:GXN) is pleased to announce the release of a commissioned research report on the Company by RM Research Pty Ltd ("RM Research").

RM Research is a Perth based research house that publishes research on small to medium sized ASX listed companies.

The report is available on the Company's website at: http://www.gmetex.com.au/reports/broker.

Global Metals Exploration NL
T: +61-2-9225-4000
F: +61-2-9235-3889
WWW: www.globalnickel.com.au

South Boulder Mines Limited (ASX:STB) Corporate Advisor Appointed

newsroom@abnnewswire.net — Wed, 28 Mar 2012 09:42:00 GMT

South Boulder Mines Limited (ASX:STB) is pleased to announce the appointment of Azure Capital Limited ("Azure") as corporate advisor. Azure's primary role will be to assist with the evaluation of the Colluli Potash Project in respect of the paid participation interest of the Eritrean Government through the Eritrean National Mining Corporation ("ENAMCO") referred to in South Boulder's ASX release dated 26th March 2012.

The assignment will involve the negotiation and execution of a sale of an equity stake in the Colluli Potash Project to ENAMCO.

Azure is a Perth based corporate advisory firm with extensive natural resources experience focused on mergers and acquisitions, project finance and debt advisory, equity capital markets and the provision of general corporate advice.

South Boulder Mines Limited
T: +61-8-6315-1444
F: +61-8-9486-7093
WWW: www.southbouldermines.com.au

South Boulder Mines Limited (ASX:STB) Discussion with ENAMCO for Paid Participation Interest in Colluli Potash Project

newsroom@abnnewswire.net — Mon, 26 Mar 2012 09:24:00 GMT

South Boulder Mines Ltd (ASX:STB) is very pleased to announce that the Eritrean Government through the Eritrean National Mining Corporation ("ENAMCO") has requested that South Boulder submit a proposal to commence discussions regarding ENAMCO's intention to acquire up to a 30% paid participating interest in the Colluli Potash Project.

This 30% interest is in addition to ENAMCO's existing 10% interest which is to be carried 3.3% by ENAMCO and 6.7% by South Boulder.

South Boulder is rapidly progressing a definitive feasibility study (DFS), based on an initial production of 1Mt p.a. of potash, which is planned for completion in 2013. A detailed engineering scoping study previously demonstrated an estimated startup capital cost of US$0.74bn which is expected to generate a Pre-tax NPV of US$1.33bn. Production from the Colluli Potash Project, the world's first open pit potash mine, is planned for 2016 or earlier. South Boulder has strong support from the Eritrean Government to build an economical long term, environmentally sustainable resource project.

Lorry Hughes, Managing Director of South Boulder commented, "South Boulder welcomes the request by ENAMCO to commence discussions regarding a participating interest. Commencing discussions now will allow South Boulder and ENAMCO to work towards formation of a Joint Venture and apply for the appropriate mining exploitation license in a timely manner.

Finalising the terms of the 30% paid participating interest will provide certainty and facilitate South Boulder's efforts to secure additional investors and proceed through DFS, project financing and construction.

We take this to be a strong vote of confidence in the Colluli Project by the Eritrean Government and I look forward to providing further updates."

About the Duketon Nickel Joint Venture

The Duketon Nickel Joint Venture (DNJV) has had recent success at The Rosie and C2 Nickel sulphide prospects where drilling has defined intercepts of 5.20m @ 9.2% Ni, 1.09% Cu, 0.21% Co and 7.09g/t PGE's at Rosie and 50m @ 0.92% Ni including 37m @ 1.05% Ni at C2. The deposits are located approximately 120km NNW of Laverton, W.A in the Duketon Greenstone Belt. The deposits are approximately 2km apart and the mineralisation at both prospects is considered open in most directions. A Mining Lease was granted over the Rosie and C2 deposits on the 19th of November. A Maiden JORC Compliant Mineral Resource Estimate has been compiled for the Rosie deposit; Please refer to the Company's 25th January 2012 ASX Announcement for details.

South Boulder Mines Limited
T: +61-8-6315-1444
F: +61-8-9486-7093
WWW: www.southbouldermines.com.au

Nicholas Read
Read Corporate
Telephone: +618-9388-1474

Global Metals Exploration NL (ASX:GXN) Half Yearly Accounts

newsroom@abnnewswire.net — Wed, 14 Mar 2012 14:01:00 GMT

Global Metals Exploration NL (ASX:GXN) directors submit the financial report of the Global Metals Exploration NL (formerly Global Nickel Investments NL) and the entities it controls (referred to hereafter as "the Group") for the half-year ended 31 December 2011.

DIRECTORS

The names of Directors who held office during or since the end of the half year are:

Lia Darby, Managing Director
Carl Swensson, Chairperson
Andrew Mortimer, Non - Executive Director
Ashley Hood, Non - Executive Director

RESULTS

The loss after tax for the half-year ended 31 December 2011 was $1,303,440 (31 December 2010 loss of $2,856,084).

REVIEW OF OPERATIONS

Work undertaken in the latter half of 2011 by Global Metals Exploration NL ("Global Metals," "the Company") consisted of a number of soil and auger geochemical programmes targeting gold mineralisation within the central area of the Jutson's Rocks Greenstone Belt ("JRGB"). This work resulted in the definition of a number of robust gold anomalies which are the target of a Rotary Air Blast ("RAB") drilling programme subsequent to the end of the period.

On 13 September 2011 Global Metals announced the analytical results from a soil sampling and Bulk Leach Extractable Gold ("BLEG") sampling programme which was conducted in the previous period at the Company's northern Jutson Rocks project, namely exploration license E38/1540. The soil sampling programme comprised a total of 275 samples collected over 2 areas. The results from the sampling outlined 4 copper anomalies and one nickel anomaly. The BLEG sampling programme comprised a 500m x 500m survey over an area of approximately 15 km2 with a total of 92 samples collected. The results of the BLEG survey generated three broad gold anomalies. An auger soil sampling programme was designed and implemented during the period to test and better define the BLEG anomalies.

The auger programme comprised a total of 755 soil samples on a 50 x 250m grid. Six gold anomalies were identified, the largest of which had a strike length of 1.6km and a peak result of 3.05 g/t Au. In addition precious metal platinum and palladium anomalies were defined with platinum present to a maximum value of 26ppb and palladium to 40ppb. The anomalous gold zones identified not only cover substantial areas but are also open in various directions. These gold anomalies are shown in Figure 1 below.

The largest anomaly identified is in the northern part of the area sampled and has a strike length of 1.6km and is open to the north. The other five gold anomalies are located in the southern part of the sampled area and these are up to 1.3 km in strike length with four of the five anomalies being open to the south. The anomalous gold zones are located either close to geological contacts or parallel to known geological structures within a previously defined "structural corridor."

In addition to gold, two platinum anomalies were also defined (maximum value 26ppb) with the anomalies being defined by >10ppb platinum. One of these anomalies is open to the north and is over 1.4km in strike length. In addition to these two platinum anomalies, three palladium anomalies have also been defined using a minimum value of 14ppb palladium (with a maximum value of 40ppb). One of these palladium anomalies is open to the south.

In addition to precious metals, base metal anomalies were also defined by the auger programme. Copper anomalies were defined using 120ppm Cu as the basis for defining the anomalies with a maximum value of 410ppm Cu being returned. Nickel anomalies were defined with values greater than 500ppm Ni considered as anomalous, with a maximum value of 1,310ppm Ni (equivalent to 0.13%) returned. Locations of these anomalous zones identified are indicated in Figure 2 below. These anomalous zones overlap with the gold and platinum anomalies also defined under this auger programme and exhibit similar strike trends to regional structural and lithological trends. The significance of the platinum, palladium and base metal anomalies and their relationship to the gold anomalies is unknown at present, but will be investigated further as exploration progresses.

Following the receipt of the initial auger results a second programme of auger sampling was initiated in December 2011 to infill anomalous zones defined from the first stage programme. A total of 241 additional samples were collected from the programme with the results reported subsequent to the end of the period further improving understanding of the anomalies identified.

Contemporaneous to this second phase of auger sampling, the BLEG soil sampling grid was extended during the latter half of 2011 along the central part of the JRGB increasing the sampling in this prospective zone.

Figure 3 below the areas covered by BLEG at Jutson's Rocks in the May and December 2011 programmes.

In addition to the successful soil sampling and BLEG survey work, Global Metals also advanced other important exploration programmes during the period. In particular, on 17 August 2011 Global Metals announced the commencement of a Reverse Circulation ("RC") drilling programme at Mt Cornell (Figure 4).

Results from this RC drilling campaign at Mt Cornell were returned during the period. Seven RC drill holes were completed for a total of 1,670 metres over both geophysical targets and geochemical targets.

Significant results include hole MRC021 that returned 232-236m @ 0.124% Cu and 0.17% Zn from within a black shale containing up to 5% pyrrhotite and hole MRC015, which returned 84-96m @ 0.135% Zn within altered sediment containing minor pyrrhotite.

Meanwhile at Mt Venn, an Access Agreement for E38/1000 was successfully concluded during the period with the Cosmo Newbery Aboriginal Corporation. Global Metals has successfully negotiated to have 90% of the access agreement assigned to the company from Platina Resources Limited (ASX:PGM) who are the current agreement holders. A work clearance programme was also submitted to Central Desert during the period in order to gain access for soils, BLEG and future RC drill testing.

In July 2011, a Heritage Survey was undertaken with the Cosmo Newberry Aboriginal Community and Central Desert Native Title Services Pty Ltd. The survey was designed to allow Global Metals access to areas for future geochemical sampling and RAB/Aircore drilling. The survey report concluded that there were no heritage concerns over the area contained within the survey.

Global Metals also reported a number of important corporate developments during the second half of 2011.

These include the establishment of a sponsored American Depository Receipt ("ADR") program. The establishment of the ADR program is the first step in listing Global Metals on the OTCQX Exchange in the US. This listing is intended to create exposure in the broader secondary market for Global Metals particularly in the US and Canada, thereby providing better access for North American investors to trade in Global Metal's securities. The ADR will be tradable via licensed US brokers in the ordinary course of trading in the Over-the-Counter ("OTC") market in the US. Global Metals appointed the Bank of New York Mellon as its authorised US Representative and Depository Bank for the facility.

During the period Mr Carl Swensson was appointed Chairman of the Company, replacing Ms Lia Darby who was appointed to the role of Managing Director. Mr Andrew Mortimer, Director of Operations, intends to scale back his executive involvement in the Company, needing to focus on his role at Proto Resources & Investments Ltd (ASX:PRW). Mr Mortimer will continue as a non-executive director. As resolved at Global Metal's AGM, held on Wednesday 23 November 2011, the name of the company was changed to Global Metals Exploration NL (from Global Nickel Investments NL) in order to better reflect the current direction of the company and its shift into precious metals as well as base metals.

On October 21, 2011 Global Metals announced a non-renounceable pro rata offer of options to shareholders of one new option for every nine shares held at the record date with an issue price of 0.4 cents ($.004) per new option to raise approximately $172,921 before expenses of the offer.

During the period Global Metals announced a Share Placement of 35.7 million shares to raise up to $500,000. The Placement was to institutions and sophisticated investors under s708 of the Corporations Act.

The placement was at 1.4 cents with one attaching New Option (exercisable at two cents before 1 November 2015) for each two shares subscribed for. SA Capital Pty Ltd was Lead Manager to the Issue.

SUBSEQUENT EVENTS

(i) On the 18th January 2012, the company announced that drilling at Jutson Rocks was temporarily suspended due to weather restrictions

(ii) On the 1st February 2012, the Company issued 3,769,231 ordinary fully paid shares and 1,884,616 attaching options exercisable at $0.02 on or before 1 November 2015 to private placement subscribers as approved at the annual general meeting on 23 November 2011.

(iii) On the 24th February 2012 the Company announced that the RAB drilling program at Jutson Rocks was expanded to follow up the gold anomalies defined to date.

No other matters or circumstances have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.

To view the complete Global Metals Half Year Financial Report including all data, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-GXN-581948.pdf

Global Metals Exploration NL
T: +61-2-9225-4000
F: +61-2-9235-3889
WWW: www.globalnickel.com.au

Resource Mining Corporation Limited (ASX:RMI) Pro-Rata Renounceable Rights Isssue - Under Subscriptions

newsroom@abnnewswire.net — Tue, 13 Mar 2012 15:56:00 GMT

The Directors of the Resource Mining Corporation Limited (ASX:RMI) are pleased to advise that the Renounceable Rights Issue closed on 7 March 2012 with Eligible Shareholders taking up 28% of the Rights Issue.

The Company wishes to advise that Eligible Shareholders subscribed for 248,834,351 New Shares at an issue price of $0.0028 (0.28 cents) each raising $696,736 leaving an underwritten balance of 655,950,736 New Shares and 163,987,684 attaching New Options ($1,836,662) to be placed by Sinom (Hong Kong) Limited as Underwriter.

It is anticipated that the allotment and issue of New Shares and attaching New Options and the dispatch of holding statements will take place on Thursday 15 March 2012.

The Directors wish to thank the Eligible Shareholders who participated in the Rights Issue.

Warwick Davies
Managing Director
T: +61-8-9213-9400
http://www.resmin.com.au

Resource Mining Corporation Limited (ASX:RMI) Half Yearly Report and Accounts

newsroom@abnnewswire.net — Tue, 13 Mar 2012 13:32:00 GMT

Resource Mining Corporation Limited (ASX:RMI) Directors present the financial report of the consolidated entity, consisting of Resource Mining Corporation Limited and its controlled entities ("RMC" or the "Consolidated Entity"), for the half-year ended 31 December 2011.

DIRECTORS

The names of the Company's directors in office during the half-year and until the date of this report are as below. Directors were in the office for the entire period unless otherwise stated.

Mr William Mackenzie, Non-Executive Chairman
Mr Warwick J Davies, Managing Director
Mr Zhang Chi, Non-Executive Director

COMPANY REVIEW

REVIEW OF OPERATIONS

WOWO GAP PROJECT (RMC 100%)

The major focus of Resource Mining Corporation is on the development of its wholly owned Wowo Gap Nickel Project located 200 kilometres from the PNG capital of Port Moresby.

A key strategic objective of the company is to update and expand our mineral resource estimates, continue to engage with local stakeholders and demonstrate research leadership through our scoping study with the new leaching technology.

Over the past six months RMC completed a comprehensive 295 hole program to provide extensive infill drilling on a nominal hole spacing of 200 metres along the 12 kilometre strike length of the project (Figure 1).

Mineral Resource Estimate

The Mineral Resource Estimate was undertaken by Ravensgate Minerals Industry Consultants in Perth which included data from an additional 295 core holes drilled in 2010 and 2011 to supplement historical data obtained from 98 diamond holes, 155 wacker holes and Ground Penetrating Radar (GPR) derived lithological profiles.

The estimation work was performed in Minesight software with base the clay profile and base of the rocky saprolite profile models created from the GPR profiles and lithological contacts in the drill holes. These surfaces were used to tag the ore block model by material type. The grade interpolation process was done using Ordinary Kriging technique.

The Mineral Resource was estimated and reported in accordance with the JORC Code (2004) guidelines covering the "Estimation and Reporting of Mineral Resources" and is based on all drill hole, GPR and dry bulk density data as of 26th October 2011. Classification of the estimate was based on drill hole density and geological confidence criteria.

The updated Mineral Resource Estimate has substantially increased the tonnage, grade and confidence level of the Wowo Gap Nickel Laterite deposit as summarised in the tables below.

------------------------------------------------------------
2011 Mineral Resource Estimate    Mt    Nickel(%)  Cobalt(%)
------------------------------------------------------------ 
Indicated                         72      1.03       0.07
Inferred                          53      1.09       0.06
Total                            125      1.06       0.07
Contained Metal (kt)                     1,325        83
------------------------------------------------------------

------------------------------------------------------------
2009 Mineral Resource Estimate    Mt    Nickel(%)  Cobalt(%)
------------------------------------------------------------
Indicated                         39      1.00       0.05
Inferred                          43      1.01       0.06
Total                             82      1.01       0.06
Contained Metal (kt)                       828        47
------------------------------------------------------------

------------------------------------------------------------
Percentage Increase over 2009     Mt    Nickel(%)  Cobalt(%)
------------------------------------------------------------
Indicated                        85%        3%        23%
Inferred                         23%        8%         5%
Total                            52%        5%        16%
Contained Metal (kt)                       60%        76%
------------------------------------------------------------

COMMERCIALISATION GRANT FOR ORGANIC ACID LEACH STUDY

Resource Mining Corporation has received advice from AusIndustry of success in being awarded a $250,000 Commercialisation Australia grant from the Federal Government to provide proof of concept for its organic acid nickel recovery process.

The Commercialisation Australia grant will be used to fund work including commercial laboratory testing to refine the process to proof of concept, including the hydrometallurgical process of acid regeneration.

The aim of the research is to develop proof of concept for an innovative organic leaching process the company has been applying to the unique tropical clay laterite structures that exist at its Wowo Gap nickel and cobalt deposit in Oro Province Papua New Guinea and for treating other silicate nickel laterite ore bodies.

WESTERN AUSTRALIAN PROJECTS

St Patrick's Project Sampling Confirms Felsic Volcanic, Mafic and Ultramafic Rocks Associated with Volcanic Hosted Massive Sulphide Deposits Recent project sampling at this site has identified rock types associated with volcanic hosted massive sulphide deposits (VMS), especially felsic volcanic, mafic and ultramafic rocks.

The project is located approximately 50 kilometres north of Leonora and 10 kilometres east of the Teutonic Bore and Jaguar polymetallic copper-zinc-silver-gold (Cu-Zn-Ag-Au) Projects.

It is situated along a strike to the south east of numerous gold mines with more than 300,000 ounces of gold in resources.

The project is almost entirely buried under surficial alluvial cover material over barren granitic rocks. It overlies a sequence of buried felsic volcanic, mafic and ultramafic bedrock lithologies along the 50 kilometre strike length of the project (Figure 2). The bedrock lithologies and structures in this area are prospective for volcanogenic copper-zinc-silvergold (Cu-Zn-Ag-Au) and lode gold mineralisation.

Elevated gold and polymetallic results returned from subsequent reconnaissance vegetation sampling may indicate the presence of buried gold and polymetallic mineralisation within the greenstone rocks beneath a blanket of unmineralised granitic rocks at a number of localities across the project area. These warrant follow up sampling to define drill targets.

Soil sampling conducted across the primary target area within E37/1078 in August 2011 has identified a felsic volcanic - mafic contact along a strike length of in excess of 30 kilometres.

This is a significant finding considering the nearby Jaguar and Bentley VMS deposits are located proximal to felsic volcanic - mafic contacts.

An infill surface geochemistry sampling program was conducted in December over the two target areas within E37/1078 and E37/1064 in order to define targets for drilling in 2012.

Results are expected in March.

Kumarina Project Surface Sampling Confirms Copper - Gold Anomaly

Geochemistry results from soil and vegetation samples have confirmed a copper and gold anomaly in this under explored region of Western Australia.

The tenement lies approximately 200 kilometres North East of Meekatharra along the Great Northern Highway, approximately 10 kilometres east of the historical Kumarina copper mine within the Proterozoic Collier Basin.

More than 200 surface soil and vegetation samples were collected across the tenement area during a site field program in October. The samples were to infill areas of surface geochemical anomalism located in the first round of sampling in June.

The geochemistry results identify anomalous copper and gold with associated silver, molybdenum, arsenic and cobalt over a strike length of six kilometres. Elevated potassium is also coincident with the copper - gold anomaly (Figure 3).

The exploration target covers an area of approximately 16 sqkm, and will require follow up surface geochemistry to infill samples to a sufficient density to allow for drill targeting.

Capricorn Joint Venture Sampling Locates Significant Geochemical Anomaly Encouraging geochemistry results have also been achieved from soil and vegetation sampling have found an anomaly that is nearly two kilometres in width.

The Project is held by a 50:50 joint venture between Resource Mining Corporation (ASX:RMI) and Ashburton Minerals Ltd (ASX:ATN) with RMI manager. The Ashburton Fold Belt, Edmund (and Collier) Basin and the Gascoyne Complex are typical of Proterozoic sedimentary and metamorphic terrane throughout the world where they host large zinc-leadsilver (Zn-Pb-Ag) and copper-gold (Cu-Au) deposits.

The tenements cover a number of historical stream sediment anomalies with elevated gold, copper and zinc geochemistry that warrant systematic followed up exploration (Figure 4).

More than 100 surface soil and vegetation samples were collected across the tenements using a helicopter to assist with access as a first pass reconnaissance test to assess the initial prospective nature of the tenements.

Initial results from the soil and vegetation sampling program are very encouraging because results from both datasets show a co-incident molybdenum-silver-gold-copper geochemical anomaly across a traverse length of more than two kilometres at Target 1. Elevated rare earth element (REE) values associated with this multi-element anomaly support the possibility that the molybdenum-silver-copper-gold anomaly maybe associated with a granitoid intrusive.

A follow up surface geochemical program conducted in October 2011 to increase the sample density around this primary target has located a diorite outcropping within the area of the geochemical anomaly. This is a significant finding since the presence of this granitiod intrusive supports the exploration model and adds geological confidence to the prospect.

Result

The operating result for the half-year ended 31 December 2011 was a loss after income tax of $439,798.

To view the complete Resource Mining Corp. Half Yearly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-RMI-581752.pdf

Warwick Davies
Managing Director
Phone: +61-8-9213-9400
Mobile: +61-418-949-759
Email: wd@resmin.com.au